IoT firms set to get stronger support from govt

State-level support to companies involved in the Internet of Things will give a boost to a market that's already worth hundreds of billions of yuan annually, industry insiders said as they urged the government to draw up national standards for the IoT.

The Internet of Things refers to a web of connections linking virtually all devices, systems and services.

Projects run by industry leaders are eligible for subsidies of up to 30 percent of the total cost, according to a joint statement released on Wednesday by the Ministry of Finance and the Ministry of Industry and Information Technology. The ministries did not disclose the total amount available.